Wildfire
-
The proposed legislation would enable the state’s governor to tap the ILS market for coverage. -
The 2018 notes were wiped out when the HCI-backed reinsurer Oxbridge was hit by $7.7mn of catastrophe losses.
-
The Californian utility company reached the agreement with 18 public entities after a series of wildfires between 2015 and 2018.
-
The model will also capture sub-perils including ground-shaking liquefaction, landslide, tsunami and fire following earthquakes.
-
The Toronto-based firm had already been collaborating with Perils for the past two years.
-
The legislation now passes to the state’s Assembly.
-
The bill still needs to pass two further Senate votes before heading to the state’s Assembly.
-
This will have implications for Allstate, State Farm, USAA and other insurers which have sued the utility over Camp Fire losses.
-
USAA is set to raise $135mn from the deal, which did not specify a target at launch.
-
The net asset value of the class C shares that included 2018 losses dropped by 35.74 percent by 31 December.
-
USAA had cat bonds impacted by the 2017 and 2018 catastrophe events.
-
